Bitcoin
$64,424.64-3.39%
Ethereum
$3,152.04-2.80%
Binance Coin
$608.37+0.45%
Solana
$146.39-6.73%
XRP
$0.52702275-3.70%
Dogecoin
$0.15127430-7.36%
Toncoin
$5.56-3.53%
Cardano
$0.47438085-5.57%
Shiba Inu
$0.00002557-6.17%
Avalanche
$36.07-7.71%
Wrapped Bitcoin
$64,527.91-3.47%
Tron
$0.11437027+1.13%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
34
DAYS
08
HR
01
MIN
07
SEC
Markets

China's 500.com to Purchase Another $8.5M Worth of Bitcoin Miners

The NYSE-listed lottery firm may also acquire another 10,000 miners this year.

By Tanzeel Akhtar
AccessTimeIconFeb 2, 2021 at 11:10 a.m. UTC
Updated Sep 14, 2021 at 11:04 a.m. UTC
Cryptocurrency mining machines
Cryptocurrency mining machines
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

U.S.-listed Chinese sports lottery firm 500.com (NYSE: WBAI) is set to acquire another batch of bitcoin mining machines after it announced a pivot to the cryptocurrency space in January.

  • 500.com said Tuesday it has inked a definitive agreement to purchase 5,900 bitcoin mining machines for 55.2 million yuan (around $8.5 million), expected to be delivered in the second quarter of this year.
  • Under a wider a framework agreement, the company has agreed in principle to purchase up to 10,000 bitcoin mining machines in 2021, subject to availability.
  • Under the deal, 500.com is required to pay a performance bond of 2,000 yuan ($309) per machine for the first 5,000 machines, or 10 million yuan (roughly $1.5 million) in total.
  • If all 15,900 bitcoin mining machines are delivered, the firm's total hash rate is expected to increased by 1,000 petahashes per second.
  • 500.com first announced on Jan. 11 that it planned to mine bitcoin, saying it would acquire devices worth $14.4 million in an all-equity deal.

Read more: US-Listed Chinese Lottery Firm Plans $14.4M Move Into Bitcoin Mining

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.